New Corporate Transparency Act (“CTA”) – Reporting Requirement – Beginning in 2024 business entities, including your LLC or corporation, have a new mandatory filing requirement to disclose the identity of the beneficial owners to the U.S. Treasury’s Department of Financial Crimes Enforcement Network (FinCEN). This applies to my law firm, my attorney friends, and our…
Read MoreSmall Business-related provisions under the ARPA What Covid Relief is still available for Small Businesses in 2021? The two best avenues for small business Covid relief in 2021 are the (1) Second PPP Loan and (2) 2021 Employee Retention Credit for all 4 quarters of 2021. The deadline for the second PPP loan is currently…
Read MoreFrequently Asked Questions about the American Rescue Plan Act (ARPA): INDIVIDUAL STIMULUS CHECKS (RECOVERY REBATES) Will I get a Stimulus Check? Stimulus checks of $1,400, plus $1,400 per dependent, will be sent to single tax filers with adjusted gross income (AGI) up to $75,000 per year, heads of households with AGI up to $112,500 and…
Read MoreWho Is Eligible for the Second Stimulus Payments? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $600 for individuals and $1,200 for married couples. For filers with income above those amounts, the payment amount is reduced…
Read MoreDear Friends and Clients, As the facts and situation around COVID-19 (coronavirus) continue to evolve and in step with government directives, Gatherwright Freeman will remain open and continue to serve our clients. We will be working with you remotely via telephone, video conferencing, and email communication as much as possible. However, our office is fully…
Read MoreAugust 12, 2020 Jennifer Gatherwright, Esq., M.S. Tax I make a living helping people with unpaid withholding taxes, so for me, the latest Executive Order allowing deferral of employee’s Social Security tax is good for business. On the other hand, I have a lot of compassion for my clients. It’s hard not to when most…
Read MoreAn offer in compromise is an agreement between the IRS and the taxpayer to settle the taxpayer’s back taxes for less than what is due and owing. Currently, the IRS will accept less than the full amount of tax due if: • it is satisfied that it will not be able to collect the full…
Read MoreYes, the IRS and state and local governments, such as Kentucky, Ohio, and Cincinnati, can levy independent contractors and self-employed taxpayers by seizing funds in their bank accounts and by seizing receivables directly from the taxpayer’s clients and customers. The tax attorneys and enrolled agents at Gatherwright Freeman can help you stop your tax levy…
Read MoreTaxpayers may not realize the IRS has issued a levy until payday arrives, but their paychecks do not. At Gatherwright Freeman we know that without funds to meet basic living expenses, missed car loans and mortgage payments often follow. Fear not, we can get the IRS to release or reduce levies in most circumstances, but…
Read MoreCan the IRS levy my bank account? Yes. If you owe the IRS back taxes and have not entered into an installment agreement or made other arrangements, the IRS can levy your bank accounts. If you have been levied, contact us today. The tax attorneys and enrolled agents at Gatherwright Freeman can stop IRS bank…
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